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Elliott wave analysis on Shanghai Class A Index (2016-04-24)

INDEX:XGY0   Shanghai Class A Index
7 months ago
Shanghai class A index             is coming to a resistance level at around 3166~3280. It also meets a resistance from the bearish trend line.
From EW analysis the previous ABC correction might be part of the DIAGONAL TRIANGLES. It will be a good opportunity to go long after the wave E is finished which might go back to 2650~2750. After finishing the wave E, it might bounce up to 3738 and higher.

Good luck for everyone!

Notes: If it breaks the bearish trend line, the diagonal triangle will be invalid. It will be safe to join the long which might continue going up to 3738 and higher.
7 months ago
Comment: Monthly chart:
snapshot
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